Each application for a license shall be accompanied by a corporate surety bond in the amount of three thousand (3,000) dollars, executed by a surety company authorized to do business in the state, and conditional upon the person applying for license complying with all the laws and ordinances regulating the business made by the City Council and paying all damages occasioned to any person by reason of any statement, misrepresentation, fraud or deceit of the licensed person, his agent or employees, or which may result from other violations of law or ordinances in carrying on the licensed business. (Prior code § 11-17-007)